CalHFA Agency threatens Irvine homeowner with foreclosure for moving out

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CalHFA Agency threatens Irvine homeowner with foreclosure for moving out

CalHFA Agency threatens Irvine homeowner with foreclosure for moving out

OC Register-

Aimee Larson of Irvine is in danger of losing her condo. But she says she hasn’t missed a payment and her finances are stable.

Her problem? She started renting out the property.

You see, Larson’s lender is the California Housing Finance Agency, an entity in state government with strict owner-occupancy rules. Last year, CalHFA was blasted by the California Senate Office of Oversight and Outcomes for foreclosing on homeowners who no longer live in their homes, even when they were current on their mortgage payments.

At the time, CalHFA said it had to foreclose on the homes because its mortgages are underwritten by tax-exempt bonds and Internal Revenue Service rules precludes borrowers under those circumstances to use their properties as investments or rentals. A Senate investigator, however, found that other states aren’t nearly as strict. His report concluded that CalHFA’s policy was gratuitous.

[OC REGISTER]

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